Step to Follow to become an Entrepreneur

A generalised step by step process to follow to become an entrepreneur in India is as follows.

• Decision Making: The first step to being an entrepreneur is to decide what the business is going to be like, meaning the business model, products and services , future plans etc. Entrepreneurship is a hard but rewarding career path. Reading up on other entrepreneur’s stories is a good place to start.
• Subject Choices: Subjects that will help future entrepreneurs in their businesses are Management and Business subjects. Recommended subjects to take up are Finance and Accounting, Law, Marketing Management, Operations Management, Economics etc.
• Entrance Examination Preparation: Management courses like MBA and BBA in Entrepreneurship require students to submit an entrance examination score. For BBA, accepted exam scores are DU JAT, SET, BUMAT, UGAT AIMA, AUMAT etc. For the master’s level courses, accepted test scores are CAT, XAT, SET, CMAT, MAT, BUMAT, AIMA-UGAT, GMAT
• Selecting Correct Colleges: Entrepreneurship specialisation is offered in some universities. Some popular management colleges like Symbiosis International University, Panjab University, Chandigarh University, Amity University, K R Mangalam University etc offer master’s degrees. Read through national rankings and student reviews to choose the best college.
• After Qualifying Exam: The first step to studying in an entrepreneurship course is to qualify for the entrance examination. Each individual college holds group discussions and personal interviews for qualified students. Before earning the degree, a compulsory internship is to be done and a report submitted for the same.

Types of Entrepreneur

There are various kinds of entrepreneurs based on the nature of the business the entrepreneur is running. The list below describes nine such kinds of entrepreneurs:

Based on the profession

On the basis of the nature of the business, there are nine different types of entrepreneurship. All nine types have been described below:

• Small Scale Entrepreneurs: Most businesses start out small scale. Small scale businesses are operated mostly for small profits to meet family expenses. These businesses typically hire family members and friends as employees.
• Large Scale Entrepreneurs: A business with multiple life cycles is termed as large scale entrepreneurship. There is a large team of employees and new products are introduced on the basis of market demand. Some examples of large scale entrepreneurship include Google, Facebook, Disney etc.
• Scalable Startup Entrepreneurs: Scalable businesses are niche businesses created to meet specific needs in the market. They receive venture capital and have specialised employees working for them. They are more technology focused like Facebook and Instagram.
• Social Entrepreneurs: Businesses opened to fulfil certain social needs are called Social Entrepreneurship. The goal of these businesses is not to make a profit but to work for the larger good of society. Such businesses often start out as non-profits.
• Innovative Entrepreneurs: Innovative Entrepreneurship businesses are constantly creating new products and innovations. Their aim is to better people’s lives. Every new innovation or idea is a business prospect for them.
• Imitator Entrepreneurs: Businesses that copy other businesses' models and ideas are called Imitator entrepreneurship. They take their competitor’s products and make them better. These individuals are innovative and possess high self-confidence.
• Researcher Entrepreneurs: Researcher Entrepreneurship takes time to research a business idea before launching it. They make use of every available information to fine-tune their ideas and create detailed business plans. These businesses have a high success rate as they are able to better predict their losses.
• Buyer Entrepreneurs: Buyer Entrepreneurship, as the name suggests is a business where the entrepreneur is buying businesses. They identify up and coming business and buy them. They make any changes in the business in order to expand profits and up-scale them.

How to Become an Entrepreneur in India?

In India, entrepreneurship or businesses can be started right after 12th and also after a bachelor's or master's degree. At the school level, individuals can take up Arts, Commerce or Science stream. Students can also start preparing for entrance test preparation for undergraduate degree programmes at this level.

Courses to Become an Entrepreneur

Individuals who are aiming to work as entrepreneurs can apply to courses that offer entrepreneurship specialisations. All such courses have been described below.

Diploma in Entrepreneurship

• At the undergraduate level, individuals can look into enrolling in a diploma in entrepreneurship. The course is of 1 year in duration and candidates who have completed their class 12th from any stream. 
• This course is perfect for people who are looking to manage and run a family business and need to pick up some essential knowledge to help them.
• Diploma in entrepreneurship conducts the admissions on both merit basis and through entrance examinations.
• Enrol for the entrance examination like CAT, MAT, XAT, NMAT etc.
• A bachelor’s degree in any stream and at least a 50% aggregate score achieved at the undergraduate level course is required to pursue this course.
• Final year students can also apply for the examination.

BBA Entrepreneurship

• BBA Entrepreneurship is a full-time undergraduate course under Management. 
• The course is of three years in duration and involves teaching candidates all aspects of managing a business. Some subjects that are taught are marketing, finance, managing family business, venture management, entrepreneurial resource management, etc.
• Institutes offering BBA entrepreneurship courses admit students on the basis of merit and through entrance tests.
• Apply for university level or national level entrance tests like DSAT, SUAT, KIITEE, DU JAT etc.
• Applicants must be class 12th pass out from any stream from a recognized board of education.
• A minimum aggregate score of 55% and above is required.

MBA Entrepreneurship

• MBA Entrepreneurship is a two year long full-time postgraduate course. The course admits students with a bachelor’s degree. 
• The course covers topics to help students learn about business management and manage their own businesses. Universities offering this course admit students through entrance examinations.
• A bachelor’s degree in any specialisation and a minimum aggregate score of 50% and above is required to apply for an MBA in entrepreneurship. Students in their final year of studies can apply to the exam.

How to Become an Entrepreneur Abroad

Like in India, individuals can look into earning an Entrepreneurship degree abroad. Bachelor's and master's level full-time courses in Entrepreneurship and Innovation are available in the UK, USA, Canada, Australia etc. All relevant details for the degrees are described below:

How to Become an Entrepreneur in UK

• In the United Kingdom, applicants can choose to pursue a bachelor’s or a master’s degree in Entrepreneurship.
• The duration of a bachelor’s degree is 2 to 3 years, depending on the course while the master's course is for 2 years.
• International students need to prove their English proficiency by submitting a test score. Accepted test scores are IELTS, TOEFL, PTE Academic, Cambridge English Assessment test etc.
• Other documents to submit include a reference letter and proof of funds.

Admission Process

• In the UK, applications are done through the UCAS portal.
• Send in an English proficiency test score like IELTS, TOEFL, PTE Academic, Cambridge English Assessment test etc.
• Undergraduate courses require their applicants to have finished class 12th with 60% marks. Masters degrees ask for a bachelor’s degree with IELTS test scores of 5.0 to 5.5.
• Reference letters from teachers and proof funds should be submitted.
• Apply for a visa if accepted by the university.

Top Colleges

How to Become an Entrepreneur in US

• In the USA, universities provide bachelors and masters courses in Entrepreneurship.
• The bachelors level courses are of 4 years in duration while masters courses are of 2 years in duration.
• Admissions are done through standardized test scores like TOEFL, GMAT, GRE, SAT, ACT etc.
• For bachelor’s level courses, students must have finished their 10+2 and for masters courses, a bachelor’s degree is required.
• To meet admission requirements, letters of recommendations are to be submitted along with a statement of purpose.

Admission Process

• Applications for USA colleges can be done through the Common Application Portal. The portal accepts applications for various universities across the countries.
• Submit test scores like TOEFL, SAT, ACT, GMAT, GRE etc when prompted for it.
• Send in letters of recommendations and all official transcripts from previous colleges.
• Accept the letter of acceptance and apply for a visa at the nearest US Consulate.
• Apply for a loan, if required, from the bank using the university provided Form I-20.

Top Colleges

How to Become an Entrepreneur in Canada

• For Entrepreneurship specialisation, universities here offer bachelor’s degree and regular masters degree courses.
• Admissions are done directly from the university website.
• Applicants need to be fluent in either French or English and accordingly submit a proficiency test score.
• The bachelor's courses are of 4 years in duration while the master's degree is of 2 years.
• Scholarships are also available for students who are able to meet the eligibility criteria.

Admission Process

• Depending on the course of choice, choose the best university. Classes are taught in French or English and accordingly will require students to possess fluency.
• Visit the official university website to begin applying
• Fill up all details and pay the application fee.
• Apply for scholarships if one is able to meet the eligibility criteria.
• After evaluation, candidates will be offered a seat.
• Apply for a visa from the nearest Canadian consulate.

Top Colleges

How to Become an Entrepreneur in Australia

• Australia has both bachelors degree and masters degree courses available in Entrepreneurship specialisation.
• Applications can be submitted from the official university website.
• An English proficiency test score is mandatory like TOEFL or IELTS.
• Among other documents needed for admission, a letter of recommendation and a statement of purpose is required.

Admission Process

• Prepare for and obtain an English proficiency test score. Commonly accepted test scores are IELTS, TOEFL, CAE, PTE Academic, OET.
• Arrange a letter of recommendation from a past employer or teacher along with a statement of purpose.
• Choose the university and open up the official website to start applying.
• Fill up the application form and upload documents.
• Arrange for funds. If an acceptance letter is provided, apply for the visa.

Top Colleges

Benefits of a Career as Entrepreneur

There are several benefits of being an entrepreneur. The following lists some of the benefits candidates can get to experience.

• Salary: Probably the foremost reason why people opt to become entrepreneurs is the salary. The owner is not only paid a full-time salary but also other benefits as a board member. Entrepreneurs also get a slice of the annual profit along with equity in the company.
• Job Security: Entrepreneurs are their own boss. They do not have to answer to or report to anyone, except to investors. Their jobs are highly secure as compared to regular jobs.
• Positive Impact on the career: Entrepreneurs can make positive changes in society and society in large. With ethical business practices, donations, regular hirings, using and promoting local materials etc. There are many ways business owners can leave an impact.
• Higher studies: Individuals with any level of education can start their businesses with the help of capital. However, there are degrees in Entrepreneurship specialisation one can opt to study for. There are bachelors and masters degrees in the same.
• Unique Experience: Entrepreneurship is a unique experience in the sense that one can build up their own empire. They are able to leave behind a tangible legacy for their family and friends. Future generations can gain motivation from entrepreneurs and imitate them.

Skills Required to Become an Entrepreneur

Every successful entrepreneur possesses certain skills that set them apart from other individuals. The table lists such skills.